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Marathon Oil Reports Successful Bakken Core Extension Test in Ajax Area

Source: www.gulfoilandgas.com 12/11/2018, Location: North America

Marathon Oil Corporation announced encouraging early production results at an important four-well Middle Bakken pad in the Company's Ajax area of the Williston Basin in Dunn County, North Dakota. The four-well pad achieved an estimated average 30-day initial production (IP) rate of over 2,400 barrels of oil equivalent per day (boed) (84% oil).

"Strong early results in Ajax mark another important step forward in our ongoing efforts to extend the core of our Bakken acreage position, building upon recent successful core extension tests in Elk Creek and Southern Hector," said Marathon Oil President and CEO Lee Tillman. "Through enhanced area-specific completion designs, and a lot of hard work from our Bakken team, we continue to meaningfully uplift the quality of our inventory while also driving Basin leading performance."

The Company also announced it has repurchased approximately $150 million of additional common stock subsequent to the date of its third quarter 2018 earnings release. Year-to-date share repurchases now total approximately $650 million, leaving $850 million of buyback authorization outstanding.

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